Your Questions About Etrade Locations

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William asks…

Withdrawing money from Etrade account?

I opened an Etrade complete savings account today with a 5.05% APY. Now, if I wanted to withdraw money from this account how would I do it?

Justin answers:

When I had their savings account before they set me up with an ATM card and a list of local ATM locations. You can also set up accounts to transfer money to another bank’s checking account. I seem to remember they also gave me a check book to write checks against the account. Hope this helps. You’ll get a welcome kit from them in several days time.

Charles asks…

brokerage firm that has locations you can visit?

what stock company has locations i can visit. like scottrade? and schwab

Justin answers:

td waterhouse
prolly others

depends on the size of the city you are in

John asks…

Please help me find a bank, which one is best?

I currently have an account at Washington Mutual. I use it but my parents fund it, for food, gas, etc. things that parents would pay. I want to open another account since i have my own personal savings on the side for personal expenses.

is it uncommon to have more than one debit card? Should i look for another bank besies WaMu to open 2nd account? what about online banks ie ING or Etrade Financial?

important considerations:
-interest rate not super important
-want to have simple, easy, depositing/withdrawing, few fees -lots of locations(in California) so i can withdraw/deposit from atms/locations w/o being charged
-care more about checking than savings


Justin answers:

NOT bank of america!!!

Daniel asks…

How do stocks work????!?

How do they work(please be detailed)

How much can they cost?

Can anyone do them?

How do u invest in good stocks?

How do u start and get in the stock market?

Anything else thanks so much!!! Most detailed gets 10 points.

Justin answers:

1- A company wants to make more money, so they put a portion of the company onto the stock market for investors to buy. Depending on how well the company does and how well the stock market is doing the stock goes up and down. When an investor thinks it is a good time for the stock he/she will sell it and make a profit, or, if the company is doomed, sell it before the stock dies and at least come close to breaking even. The company will make money when you buy the stock, and loses money when you sell it, (or like before, maybe break even). This may seem bad for the company but it is really depending on more stocks being bought than sold and the amount lost from a sell being less than gained from a buy. For example, person A buys stock for $50 person B bought his earlier for a similar amount and is now selling it for $70. This gives person B an extra $20 and the company still gets $30. Of course it is not always a win-win situation and the company might end up losing money, and just like the investor, the company needs to abandon the stock before it dies.

2- Stocks can cost ANYTHING, in theory if a company did well enough it could cost trillions, but that’s not very realistic, and the person that bought it as a small stock would become the richest man on Earth. But stocks still have a wide range of prices, for example, here are the prices of a single stock from different companies.

Biozoom- $0.445
Microsoft- $31.62
Apple- $440.99
Dow Jones- $15,558.83

So as you can see stock prices are very accurate, wide ranged, and also change every second while the market is open.

3- Yes, everybody can have stocks. Many people buy stock for a newborn so it can grow throughout their life and be there later. I am thirteen and am very active in the stock market but as a minor need to use a custodial account, which means it is linked to my Dad’s bank account and if I ever want to get money from my stocks I get it via him.

4- Multiple websites such as The Motley Fool give detailed summaries of stocks and can tell you which have potential to explode. Over time you will develop your own strategy. I personally buy 50 or so small stocks and wait to sell them all, or buy a couple big ones in an obviously temporarily depressed state and wait for recovery.

5- You can set up an account online or go to a physical location and meet a broker who can walk you through the process. Scottrade has physical locations and I’m pretty sure eTrade does too.

6- Stocks are fairly safe but make sure you are careful to not lose your money. If you have any other questions feel free to email me.

Mark asks…

I am a 16year old high schoI have kept aside $500.00 savings from some jobs that I did in the summer holidays.

How best can I invest this amount? I am thinking about stocks / mutual fund or a CDs?

Justin answers:

Okay buddy, I’m going to try and help you the best I can. I don’t guarrantee anything, but I speak from my personal experience, and that of my closest advisors.

I’m 17 years old, and graduated highschool at 16, and have been attending college for a solid year now.

First off, I wanted to congratulate you on saving that money. The majority of people around our age don’t save, spend all their money, and then don’t have much left when they go off to college. Congrats.

Now, let’s determine what’s best for you and your money. Do you need much of it? Do you want to invest all of it? From your previous writings, I’m going to go ahead and assume you want to invest it. So let’s invest it.

My best recommendation is to first open a checking account at a local bank of yours. Don’t let someone tell you can’t do this, because they gladly will, but you may need to look at a couple of banks. I’ve held a personal checking account for a while bymyself, no problem.

The reason why I recommend this is simple. You only have 500.00. Most brokerage firms, such as Ameritrade or Etrade, require a minimum of 1,000 in your account. So you have to open a checking account first.

Next, get a job. You want to invest, you want to save, and you want to have money left to do the things you want to do. Anywhere works. Simply just work. I work part-time at the Men’s Wearhouse as a sales assistant, and also operate an aerial photography business part-time on my days off. The one note I make about jobs is to try and find something that will help you in the future. To be honest, working at M’cdonalds doesn’t look to impressive and great on a resume, and it doesn’t provide many skills. If you want to be a chef, becoming an kitchen assistant at a local upscale restraunt. That will get you the skills you’d like, and the potential for future contacts. I choose to become a sales assistant because Men’s Wearhouse had the best sales training out of any company around me, I could build a business wardrobe at a 40% discount, and the contacts I earned are worth their weight in gold. I’ve met directors at Lockheed Martin, Talked with the families of IT officers at Northrop, sold suits to a few Crystal City biotech managers, and have been offered three new jobs at several other locations, one selling cars, selling homes, and the other at a political party.

Now once you have a job, try to save until you have 1500.00 in your checking account. Until you have that much money, start researching stocks, mutual funds, bonds and ETFs. The first thing I did was take an old unused filing cabinet in my house, and put it into my bedroom. Then I started researching stocks. When I found one I liked, regardless of it’s price or fundamentals, I made a folder for it, and then printed out news articles, and the companies trading prices, it fundementals, and it’s future projections. Then I did that for dozens of stocks. By doing this, you can figure out what you like and what you don’t. Read up on analzying stocks, picking stocks, at how to choose when to buy and when to sell. Do this before you ever invest. I started two years in advance. The people here who keep saying investing is dangerous are speaking from idiocy. The richest people earned their money by investing, building and creating. They didn’t work for someone until died. They had to invest. The people who say it’s dangerous also generally do not do the research they need to first, and don’t spend enough time studying it.

Then go ahead and open an investment account. Invest in what you have studied, and make sure you study them before putting in money. Never invest just because you see a spike and want a quick buck. Invest in something that has good long-term prospects, can last in market downs, and has good earnings.

But hey, don’t just listen to my advice. Ask around, and develop your own opinion. Then you can choose how to go about it.

Richard asks…

Is ETrade good or bad?

Does anyone have any experiences they can share about ETrade. It’s been suggested that I invest some money through ETrade, but I haven’t heard of them and am now starting to look into it. Does anyone have any opinions that they can share?

Justin answers:

I’m a current E*TRADE customer. As with all brokers/banks they have their good & bad.

The good:
Reliable, Reputable, decent customer service, good Interest rates (especially on Savings accounts), easy to access information on-line, refunds of all bank ATM fees (not over-draft fees)

The Bad:
All accounts are generally free if you meet certain minimums (be sure to check these out), very limited number of physical locations (think about how you’ll deposit money…on-line or mailing in checks)

My advice would be to do your own investigating. The on-line bank & broker that works well for me or your friend may not be the best for you. I’ve learned how to manage around the “bad” with E*TRADE & it works well for me.

Good luck!

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